Starting Dynare (version 5.4).
Calling Dynare with arguments: savemacro
Starting preprocessing of the model file ...
Found 204 equation(s).
Evaluating expressions...done
Computing static model derivatives (order 1).
Computing dynamic model derivatives (order 1).
Processing outputs ...
done
Preprocessing completed.


STEADY-STATE RESULTS:

rho_chi1     		 0.25
B1           		 -1.07837e-14
gyy1         		 0.018503
Y1           		 1.48512
YT1          		 1.48512
YNT1         		 -10.0771
C1           		 1.4349
gt1          		 0.0760917
gtT1         		 0.0760917
gtNT1        		 0.0760917
Hr1          		 -2.15688
gz1          		 0.0760917
gp1          		 -0.0190229
P1           		 -0.225237
PT1          		 -0.225362
PNT1         		 -0.227956
Pi1          		 -0.365047
PiT1         		 -0.365057
PiNT1        		 -11.878
w1           		 2.49092
Vinnov1      		 1.7992
Z1           		 -0.943795
T1           		 0.0121906
TNT1         		 0.0121906
Y_L1         		 1.48512
gy1          		 0.018503
gc1          		 0.018503
rho_chi2     		 0.25
B2           		 2.94515e-16
gyy2         		 0.018503
Y2           		 2.39314
YT2          		 2.39314
YNT2         		 -9.11203
C2           		 2.35296
gt2          		 0.0760917
gtT2         		 0.0760917
gtNT2        		 0.0760917
Hr2          		 -1.57553
gz2          		 0.0760917
gp2          		 -0.0190229
P2           		 -0.191602
PT2          		 -0.191727
PNT2         		 -0.196356
Pi2          		 0.594111
PiT2         		 0.594101
PiNT2        		 -10.9188
w2           		 1.38157
Vinnov2      		 1.84787
Z2           		 -0.347476
T2           		 0.0422038
TNT2         		 0.0422038
Y_L2         		 2.39314
gy2          		 0.018503
gc2          		 0.018503
rho_chi3     		 0.1
B3           		 4.25658e-14
gyy3         		 0.018503
Y3           		 0.0419857
YT3          		 0.0419857
YNT3         		 -11.4377
C3           		 0.00356472
gt3          		 0.0760917
gtT3         		 0.0760917
gtNT3        		 0.0760917
Hr3          		 -4.67944
gz3          		 0.0760917
gp3          		 -0.0190229
P3           		 0.197323
PT3          		 0.197198
PNT3         		 0.176963
Pi3          		 -1.38629
PiT3         		 -1.3863
PiNT3        		 -12.8992
w3           		 0
Vinnov3      		 1.60732
Z3           		 -2.86411
T3           		 9.31954e-12
TNT3         		 9.31954e-12
Y_L3         		 0.0419858
gy3          		 0.018503
gc3          		 0.018503
EX1          		 -1.04137
EX2          		 -0.958567
IM1          		 -1.04137
IM2          		 -0.958567
Yw           		 2.62715
r            		 0.0334475
chivar11     		 -1.38629
ga11         		 0.0760917
A11          		 -1.01209
pi_share11   		 -0.0736086
pi_shareNT11 		 -0.0839832
V11          		 1.81649
Vinnovator11 		 0.717873
rp11         		 -2.77563
chivar12     		 -1.38629
ga12         		 0.0760917
A12          		 -0.512732
pi_share12   		 -2.89131
pi_shareNT12 		 -2.77659
V12          		 1.81649
Vinnovator12 		 0.717873
rp12         		 -2.27627
chivar13     		 -1.38629
ga13         		 0.0760917
A13          		 -2.99672
pi_share13   		 -4.16943
pi_shareNT13 		 -4.00068
V13          		 1.81649
Vinnovator13 		 0.717873
rp13         		 -4.76026
chivar21     		 -1.38629
ga21         		 0.0760917
A21          		 -1.07072
pi_share21   		 -3.87531
pi_shareNT21 		 -3.36495
V21          		 2.77564
Vinnovator21 		 1.67703
rp21         		 -1.90512
chivar22     		 -1.38629
ga22         		 0.0760917
A22          		 -0.415783
pi_share22   		 -0.0277309
pi_shareNT22 		 -0.046245
V22          		 2.77564
Vinnovator22 		 1.67703
rp22         		 -1.25018
chivar23     		 -1.38629
ga23         		 0.0760917
A23          		 -3.20587
pi_share23   		 -5.02038
pi_shareNT23 		 -4.54422
V23          		 2.77564
Vinnovator23 		 1.67703
rp23         		 -4.04027
chivar31     		 -2.30259
ga31         		 0.0760917
A31          		 -1.10907
pi_share31   		 -3.52261
pi_shareNT31 		 -2.91938
V31          		 0.97756
Vinnovator31 		 -1.21966
rp31         		 -4.79796
chivar32     		 -2.30259
ga32         		 0.0760917
A32          		 -0.483105
pi_share32   		 -2.67285
pi_shareNT32 		 -2.16545
V32          		 0.97756
Vinnovator32 		 -1.21966
rp32         		 -4.17199
chivar33     		 -2.30259
ga33         		 0.0760917
A33          		 -2.9324
pi_share33   		 -0.103781
pi_shareNT33 		 -0.184723
V33          		 0.97756
Vinnovator33 		 -1.21966
rp33         		 -6.62129
drp11        		 0.018503
Ha11         		 -3.57261
J11          		 1.48926
Jinnovator11 		 0.548196
eps11        		 -0.692957
drp12        		 0.018503
Ha12         		 -2.6966
J12          		 1.29439
Jinnovator12 		 0.434582
eps12        		 -1.26448
drp13        		 0.018503
Ha13         		 -5.28112
J13          		 1.3579
Jinnovator13 		 0.47262
eps13        		 -1.10044
drp21        		 0.018503
Ha21         		 -2.47928
J21          		 2.32832
Jinnovator21 		 1.43843
eps21        		 -1.06951
drp22        		 0.018503
Ha22         		 -2.08074
J22          		 2.4484
Jinnovator22 		 1.50734
eps22        		 -0.69303
drp23        		 0.018503
Ha23         		 -4.16214
J23          		 1.93881
Jinnovator23 		 1.19132
eps23        		 -1.9113
drp31        		 0.018503
Ha31         		 -4.54218
J31          		 0.45543
Jinnovator31 		 -1.50298
eps31        		 -1.26456
drp32        		 0.018503
Ha32         		 -4.00666
J32          		 0.513024
Jinnovator32 		 -1.46844
eps32        		 -1.11653
drp33        		 0.018503
Ha33         		 -6.74222
J33          		 0.650339
Jinnovator33 		 -1.38934
eps33        		 -0.692952

EIGENVALUES:
         Modulus             Real        Imaginary

       1.615e-18       -1.615e-18                0
       2.919e-17        2.919e-17                0
       2.189e-15        2.189e-15                0
       6.748e-10       -3.545e-10        5.741e-10
       6.748e-10       -3.545e-10       -5.741e-10
       6.757e-10        3.545e-10        5.752e-10
       6.757e-10        3.545e-10       -5.752e-10
        4.04e-09        -4.04e-09                0
        4.04e-09         4.04e-09                0
          0.1279          -0.1279                0
          0.1427          -0.1427                0
          0.1585          -0.1585                0
          0.2252           0.2252         0.002758
          0.2252           0.2252        -0.002758
          0.2442           0.2442                0
           0.343            0.343         0.005751
           0.343            0.343        -0.005751
          0.6481           0.6481                0
           0.922            0.922                0
          0.9238           0.9238                0
          0.9239           0.9239                0
          0.9438           0.9438                0
          0.9705           0.9705                0
           1.046            1.046                0
           1.078            1.078                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092        1.006e-09
           1.092            1.092       -1.006e-09
           1.092            1.092                0
           1.092            1.092        4.359e-10
           1.092            1.092       -4.359e-10
           1.166            1.166                0
           1.251             1.25          0.05934
           1.251             1.25         -0.05934
           1.451            1.451                0
           1.482            1.481          0.06214
           1.482            1.481         -0.06214
            1.52             1.52                0
           1.529            1.529                0
           1.569            1.567          0.06754
           1.569            1.567         -0.06754
           1.581            1.576           0.1304
           1.581            1.576          -0.1304
           1.616            1.616                0
           1.936            1.936                0
            2.01            1.997           0.2312
            2.01            1.997          -0.2312
           2.029            2.027          0.09066
           2.029            2.027         -0.09066
           2.161            2.161                0
       1.122e+19        1.122e+19                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0


There are 57 eigenvalue(s) larger than 1 in modulus 
for 57 forward-looking variable(s)

The rank condition is verified.


STEADY-STATE RESULTS:

rho_chi1     		 0.25
B1           		 -4.05136e-14
gyy1         		 0.0185376
Y1           		 1.48488
YT1          		 1.48488
YNT1         		 -10.0775
C1           		 1.43472
gt1          		 0.0762381
gtT1         		 0.0762381
gtNT1        		 0.0762381
Hr1          		 -2.16034
gz1          		 0.0762381
gp1          		 -0.0190595
P1           		 -0.227895
PT1          		 -0.22802
PNT1         		 -0.230607
Pi1          		 -0.367705
PiT1         		 -0.367719
PiNT1        		 -11.8806
w1           		 2.48826
Vinnov1      		 1.79492
Z1           		 -0.947433
T1           		 0.012317
TNT1         		 0.012317
Y_L1         		 1.48488
gy1          		 0.0185376
gc1          		 0.0185376
rho_chi2     		 0.25
B2           		 4.57e-15
gyy2         		 0.0185376
Y2           		 2.39275
YT2          		 2.39275
YNT2         		 -9.11261
C2           		 2.35257
gt2          		 0.0762381
gtT2         		 0.0762381
gtNT2        		 0.0762381
Hr2          		 -1.58034
gz2          		 0.0762381
gp2          		 -0.0190595
P2           		 -0.194387
PT2          		 -0.194512
PNT2         		 -0.199128
Pi2          		 0.591174
PiT2         		 0.591164
PiNT2        		 -10.9217
w2           		 1.37863
Vinnov2      		 1.84289
Z2           		 -0.352534
T2           		 0.0416776
TNT2         		 0.0416776
Y_L2         		 2.39275
gy2          		 0.0185376
gc2          		 0.0185376
rho_chi3     		 0.1
B3           		 1.2321e-13
gyy3         		 0.0185376
Y3           		 0.0446239
YT3          		 0.0446239
YNT3         		 -11.4335
C3           		 0.00476688
gt3          		 0.0762381
gtT3         		 0.0762381
gtNT3        		 0.0762381
Hr3          		 -4.5097
gz3          		 0.0762381
gp3          		 -0.0190595
P3           		 0.197049
PT3          		 0.196924
PNT3         		 0.176494
Pi3          		 -1.38629
PiT3         		 -1.3863
PiNT3        		 -12.8992
w3           		 0
Vinnov3      		 1.68692
Z3           		 -2.77616
T3           		 4.78928e-11
TNT3         		 4.78928e-11
Y_L3         		 0.044624
gy3          		 0.0185376
gc3          		 0.0185376
EX1          		 -1.04473
EX2          		 -0.959713
IM1          		 -1.04473
IM2          		 -0.959713
Yw           		 2.62456
r            		 0.0334816
chivar11     		 -1.38629
ga11         		 0.0762381
A11          		 -1.01598
pi_share11   		 -0.0734679
pi_shareNT11 		 -0.0838151
V11          		 1.81235
Vinnovator11 		 0.713742
rp11         		 -2.78227
chivar12     		 -1.38629
ga12         		 0.0762381
A12          		 -0.518457
pi_share12   		 -2.89071
pi_shareNT12 		 -2.77598
V12          		 1.81235
Vinnovator12 		 0.713742
rp12         		 -2.28479
chivar13     		 -1.38629
ga13         		 0.0762381
A13          		 -2.90211
pi_share13   		 -4.18006
pi_shareNT13 		 -4.01123
V13          		 1.81235
Vinnovator13 		 0.713742
rp13         		 -4.66844
chivar21     		 -1.38629
ga21         		 0.0762381
A21          		 -1.07475
pi_share21   		 -3.87568
pi_shareNT21 		 -3.36527
V21          		 2.77124
Vinnovator21 		 1.67262
rp21         		 -1.91156
chivar22     		 -1.38629
ga22         		 0.0762381
A22          		 -0.421146
pi_share22   		 -0.0276479
pi_shareNT22 		 -0.0461108
V22          		 2.77124
Vinnovator22 		 1.67262
rp22         		 -1.25795
chivar23     		 -1.38629
ga23         		 0.0762381
A23          		 -3.10372
pi_share23   		 -5.03152
pi_shareNT23 		 -4.55525
V23          		 2.77124
Vinnovator23 		 1.67262
rp23         		 -3.94053
chivar31     		 -2.30259
ga31         		 0.0762381
A31          		 -1.11298
pi_share31   		 -3.51293
pi_shareNT31 		 -2.91045
V31          		 0.97609
Vinnovator31 		 -1.22113
rp31         		 -4.80187
chivar32     		 -2.30259
ga32         		 0.0762381
A32          		 -0.4885
pi_share32   		 -2.66272
pi_shareNT32 		 -2.15606
V32          		 0.97609
Vinnovator32 		 -1.22113
rp32         		 -4.17739
chivar33     		 -1.38629
ga33         		 0.0762381
A33          		 -2.84944
pi_share33   		 -0.10488
pi_shareNT33 		 -0.186598
V33          		 0.793765
Vinnovator33 		 -0.304835
rp33         		 -5.62198
drp11        		 0.0185376
Ha11         		 -3.57444
J11          		 1.48441
Jinnovator11 		 0.543659
eps11        		 -0.693948
drp12        		 0.0185376
Ha12         		 -2.70008
J12          		 1.28885
Jinnovator12 		 0.429595
eps12        		 -1.26634
drp13        		 0.0185376
Ha13         		 -5.20918
J13          		 1.36683
Jinnovator13 		 0.476195
eps13        		 -1.0629
drp21        		 0.0185376
Ha21         		 -2.48096
J21          		 2.32298
Jinnovator21 		 1.43347
eps21        		 -1.07049
drp22        		 0.0185376
Ha22         		 -2.08324
J22          		 2.44315
Jinnovator22 		 1.50246
eps22        		 -0.694437
drp23        		 0.0185376
Ha23         		 -4.07785
J23          		 1.95818
Jinnovator23 		 1.20298
eps23        		 -1.86737
drp31        		 0.0185376
Ha31         		 -4.54454
J31          		 0.453298
Jinnovator31 		 -1.50485
eps31        		 -1.26458
drp32        		 0.0185376
Ha32         		 -4.01009
J32          		 0.510741
Jinnovator32 		 -1.47039
eps32        		 -1.11711
drp33        		 0.0185376
Ha33         		 -6.81387
J33          		 0.455845
Jinnovator33 		 -0.480508
eps33        		 -0.729166

STEADY-STATE RESULTS:

rho_chi1     		 0.25
B1           		 -4.05136e-14
gyy1         		 0.0185376
Y1           		 1.48488
YT1          		 1.48488
YNT1         		 -10.0775
C1           		 1.43472
gt1          		 0.0762381
gtT1         		 0.0762381
gtNT1        		 0.0762381
Hr1          		 -2.16034
gz1          		 0.0762381
gp1          		 -0.0190595
P1           		 -0.227895
PT1          		 -0.22802
PNT1         		 -0.230607
Pi1          		 -0.367705
PiT1         		 -0.367719
PiNT1        		 -11.8806
w1           		 2.48826
Vinnov1      		 1.79492
Z1           		 -0.947433
T1           		 0.012317
TNT1         		 0.012317
Y_L1         		 1.48488
gy1          		 0.0185376
gc1          		 0.0185376
rho_chi2     		 0.25
B2           		 4.57e-15
gyy2         		 0.0185376
Y2           		 2.39275
YT2          		 2.39275
YNT2         		 -9.11261
C2           		 2.35257
gt2          		 0.0762381
gtT2         		 0.0762381
gtNT2        		 0.0762381
Hr2          		 -1.58034
gz2          		 0.0762381
gp2          		 -0.0190595
P2           		 -0.194387
PT2          		 -0.194512
PNT2         		 -0.199128
Pi2          		 0.591174
PiT2         		 0.591164
PiNT2        		 -10.9217
w2           		 1.37863
Vinnov2      		 1.84289
Z2           		 -0.352534
T2           		 0.0416776
TNT2         		 0.0416776
Y_L2         		 2.39275
gy2          		 0.0185376
gc2          		 0.0185376
rho_chi3     		 0.1
B3           		 1.2321e-13
gyy3         		 0.0185376
Y3           		 0.0446239
YT3          		 0.0446239
YNT3         		 -11.4335
C3           		 0.00476688
gt3          		 0.0762381
gtT3         		 0.0762381
gtNT3        		 0.0762381
Hr3          		 -4.5097
gz3          		 0.0762381
gp3          		 -0.0190595
P3           		 0.197049
PT3          		 0.196924
PNT3         		 0.176494
Pi3          		 -1.38629
PiT3         		 -1.3863
PiNT3        		 -12.8992
w3           		 0
Vinnov3      		 1.68692
Z3           		 -2.77616
T3           		 4.78928e-11
TNT3         		 4.78928e-11
Y_L3         		 0.044624
gy3          		 0.0185376
gc3          		 0.0185376
EX1          		 -1.04473
EX2          		 -0.959713
IM1          		 -1.04473
IM2          		 -0.959713
Yw           		 2.62456
r            		 0.0334816
chivar11     		 -1.38629
ga11         		 0.0762381
A11          		 -1.01598
pi_share11   		 -0.0734679
pi_shareNT11 		 -0.0838151
V11          		 1.81235
Vinnovator11 		 0.713742
rp11         		 -2.78227
chivar12     		 -1.38629
ga12         		 0.0762381
A12          		 -0.518457
pi_share12   		 -2.89071
pi_shareNT12 		 -2.77598
V12          		 1.81235
Vinnovator12 		 0.713742
rp12         		 -2.28479
chivar13     		 -1.38629
ga13         		 0.0762381
A13          		 -2.90211
pi_share13   		 -4.18006
pi_shareNT13 		 -4.01123
V13          		 1.81235
Vinnovator13 		 0.713742
rp13         		 -4.66844
chivar21     		 -1.38629
ga21         		 0.0762381
A21          		 -1.07475
pi_share21   		 -3.87568
pi_shareNT21 		 -3.36527
V21          		 2.77124
Vinnovator21 		 1.67262
rp21         		 -1.91156
chivar22     		 -1.38629
ga22         		 0.0762381
A22          		 -0.421146
pi_share22   		 -0.0276479
pi_shareNT22 		 -0.0461108
V22          		 2.77124
Vinnovator22 		 1.67262
rp22         		 -1.25795
chivar23     		 -1.38629
ga23         		 0.0762381
A23          		 -3.10372
pi_share23   		 -5.03152
pi_shareNT23 		 -4.55525
V23          		 2.77124
Vinnovator23 		 1.67262
rp23         		 -3.94053
chivar31     		 -2.30259
ga31         		 0.0762381
A31          		 -1.11298
pi_share31   		 -3.51293
pi_shareNT31 		 -2.91045
V31          		 0.97609
Vinnovator31 		 -1.22113
rp31         		 -4.80187
chivar32     		 -2.30259
ga32         		 0.0762381
A32          		 -0.4885
pi_share32   		 -2.66272
pi_shareNT32 		 -2.15606
V32          		 0.97609
Vinnovator32 		 -1.22113
rp32         		 -4.17739
chivar33     		 -1.38629
ga33         		 0.0762381
A33          		 -2.84944
pi_share33   		 -0.10488
pi_shareNT33 		 -0.186598
V33          		 0.793765
Vinnovator33 		 -0.304835
rp33         		 -5.62198
drp11        		 0.0185376
Ha11         		 -3.57444
J11          		 1.48441
Jinnovator11 		 0.543659
eps11        		 -0.693948
drp12        		 0.0185376
Ha12         		 -2.70008
J12          		 1.28885
Jinnovator12 		 0.429595
eps12        		 -1.26634
drp13        		 0.0185376
Ha13         		 -5.20918
J13          		 1.36683
Jinnovator13 		 0.476195
eps13        		 -1.0629
drp21        		 0.0185376
Ha21         		 -2.48096
J21          		 2.32298
Jinnovator21 		 1.43347
eps21        		 -1.07049
drp22        		 0.0185376
Ha22         		 -2.08324
J22          		 2.44315
Jinnovator22 		 1.50246
eps22        		 -0.694437
drp23        		 0.0185376
Ha23         		 -4.07785
J23          		 1.95818
Jinnovator23 		 1.20298
eps23        		 -1.86737
drp31        		 0.0185376
Ha31         		 -4.54454
J31          		 0.453298
Jinnovator31 		 -1.50485
eps31        		 -1.26458
drp32        		 0.0185376
Ha32         		 -4.01009
J32          		 0.510741
Jinnovator32 		 -1.47039
eps32        		 -1.11711
drp33        		 0.0185376
Ha33         		 -6.81387
J33          		 0.455845
Jinnovator33 		 -0.480508
eps33        		 -0.729166
--------------------------------------------------------
MODEL SIMULATION :

Iter: 1,	 err. = 0.13106, 	 time = 3.341
Iter: 2,	 err. = 0.026494, 	 time = 2.887
Iter: 3,	 err. = 0.00049101, 	 time = 2.857

Total time of simulation: 9.087
--------------------------------------------------------

Total computing time : 0h00m11s
